Lloyd's Sued For Depreciating Labor In Homeowner Payments

Law360, Los Angeles (March 4, 2014, 9:23 PM EST) -- Underwriters at Lloyd's of London have been hit with a putative class action brought by an insured policyholder over the company’s practice of depreciating labor costs when reimbursing homeowners for claims, according to a suit removed to Arkansas federal court Tuesday.

Named plaintiff Stephen Rafaelli suffered a loss to his property in 2008 and, after Lloyd’s confirmed it would pay the covered loss, the association of insurance companies sent an adjuster to inspect the damage. Although the adjuster determined that Rafaelli suffered a covered loss of...
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